BoE Expected to Hike Interest Rates by 50 Basis Points in August
0831 GMT - The Bank of England is expected to step up the pace of its interest-rate hiking cycle with an increase of 50 basis points in August, Barclays economists Fabrice Montagne and Abbas Khan say in a note. "We think the Bank needs to demonstrate resolution in the face of ever-increasing inflationary risks or it could lose control of the narrative," they say. The BoE is likely to increase rates by another 25 basis points in September, and then stay on hold as the slowdown in economic activity will be intense enough for further policy tightening, Barclays says. The next Bank of England's Monetary Policy Committee meeting will be held on Aug. 4. (xavier.fontdegloria@wsj.com)
Companies News:
Shell USA, Shell Midstream Partners to Merge in $1.96B Deal
Shell USA Inc. and Shell Midstream Partners L.P. have agreed to merge.
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Rolls-Royce Holdings Names Tufan Erginbilgic as Next CEO
Rolls-Royce Holdings PLC said Tuesday that it has appointed Tufan Erginbilgic as its new chief executive officer from Jan. 1, 2023, replacing Warren East who said in February that he would be stepping down.
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Compass Group Raises FY 2022 Growth View on Recovery, Acceleration
Compass Group PLC said Tuesday that it was raising its fiscal 2022 organic revenue growth guidance due to the significant acceleration in growth and continuing recovery of its base business.
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Wickes Group 1H Sales Rose; Sees Outlook in Some Markets Softening
Wickes Group PLC said Tuesday that it has had strong sales in the first half, but has seen some softening in its DIY and do-it-for-me, or DIFM, markets in recent weeks.
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Anglo American's Kumba Reports Lower 1H Ebitda as Iron-Ore Production, Prices Fell
Kumba Iron Ore Ltd. on Tuesday reported lower Ebitda for the first half of the year, as its iron-ore production and realized prices declined.
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Unilever Raises 2022 Sales Guidance on Robust Pricing Despite Volume Drop
Unilever PLC said Tuesday that it expects underlying sales growth for the full year to exceed previous guidance, driven by higher prices, although volumes are forecast to be under pressure.
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Games Workshop FY 2022 Pretax Profit, Revenue Rose; Confident for Future
Games Workshop Group PLC said Tuesday that its fiscal 2022 pretax profit and revenue both rose, and it was confident for the future.
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easyJet 3Q Headline Pretax Loss Narrowed; 4Q Capacity Cut to Meet Airport Caps
easyJet PLC said Tuesday that headline pretax loss narrowed as revenue increased for the third quarter of fiscal 2022, and that it has taken action to remove capacity in the fourth quarter due to airport-imposed caps.
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Reach 1H Pretax Profit Rose as Adjusted Items Fell on Year
Reach PLC said Tuesday that pretax profit for its first half rose, reflecting an on-year reduction in adjusted items.
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Brighton Pier Group Reports Pandemic Recovery Sales Boom for FY 2022
Brighton Pier Group PLC said Tuesday that sales for fiscal 2022 nearly tripled, helped by a pandemic-recovery boom in demand for entertainment and government initiatives to support the hospitality industry.
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Drax 1H Profits Rose as Power Generation Business Performed Strongly
Drax Group PLC on Tuesday reported higher profits for the first half of 2022, reflecting a strong performance from its power generation plants.
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Mitie Group 1Q Revenue Rose on New Contract Wins, Acquisitions
Mitie Group PLC said Tuesday that first-quarter revenue rose thanks to new contract wins and acquisitions.
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Shoe Zone Reports Stronger-Than-Expected Summer Performance
Shoe Zone PLC said Tuesday that its performance has been stronger than expected since June 29.
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OnTheMarket Reports Positive Start to FY 2023, With Good Market Fundamentals
OnTheMarket PLC said Tuesday that it has made a positive start to fiscal 2023, with performance in line with its expectations.
Market Talk:
Unilever 1H Topped Hopes, But Margin Questions Linger
0757 GMT - Unilever gains 2% after the consumer goods group reported higher 1H sales and forecast better-than-expected full-year underlying sales. While second-quarter revenue topped expectations and the outlook improved, margins and volumes face pressure, analysts at ING say. Citigroup says it expects the 2Q and 1H results to be enough to buy time until more newsflow around strategic changes comes, thanks to earnings upgrades flowing through. "However, questions on the shape of H2 margin will now need to be answered in our view, not just for the year but for the implications of 2023 recovery and any potential re-rating," Citi analysts say in a note. (philip.waller@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
07-26-22 0448ET
